Sociedad Punta del Cobre and Explorator Resources Announce Final Order and Closing of Arrangement

TORONTO, ONTARIO and SANTIAGO, CHILE--(Marketwire - May 17, 2011) - Sociedad Punta del Cobre S.A. ("Pucobre") and Explorator Resources Inc. ("Explorator") (TSX VENTURE:EXO) are pleased to announce today that Pucobre's previously announced acquisition of Explorator has been completed pursuant to a statutory plan of arrangement (the "Arrangement").

Following the receipt of the final order of the Ontario Court of Justice approving the Arrangement earlier today and the satisfaction or waiver of all remaining conditions to completion of the Arrangement, the Arrangement was implemented. Pursuant to the arrangement, among other things, a Pucobre subsidiary acquired all of Explorator's outstanding common shares and warrants that were not already owned by Pucobre and all outstanding options to acquire Explorator's common shares were terminated.

The common shares of Explorator are expected to be delisted from the TSX Venture Exchange at the close of trading on May 19, 2011.

ABOUT EXPLORATOR RESOURCES:

Explorator Resources is a Canadian-based mining exploration company with a 49% interest in the El Espino Copper-Gold Project in Chile (the "Project"). Pucobre acquired the remaining 51% of the Project in March 2009 in return for an investment of up to US$18.5 million, with US$7 million used to exercise the option to purchase agreement on the Project and the remaining funds directed at the continued exploration and evaluation activities.

ABOUT PUCOBRE

Pucobre is a publicly traded Chilean-based mining company, listed on the Santiago Stock Exchange, with existing operations in the Atacama region of Northern Chile. During the fiscal year ended December 31, 2010, Pucobre had revenues of US$263 million and net income of US$90 million. Pucobre operates two underground mines and one open pit mine, processing the ore in its own facilities.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release may contain "forward-looking information" within the meaning of Canadian securities laws. Statements containing forward-looking information are identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding Explorator's plan of business operations, production levels and costs, potential contractual arrangements and the delivery of equipment, receipt of working capital, anticipated revenues, mineral reserve and mineral resource estimates, and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral reserve and resource estimates, equipment and supply risks, regulatory risks and environmental concerns. Most of these factors are outside the control of Explorator. Investors are cautioned not to put undue reliance on statements containing forward-looking information. Except as otherwise required by applicable securities statutes or regulation, Explorator expressly disclaims any intent or obligation to update publicly statements containing forward-looking information, whether as a result of new information, future events or otherwise.